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Mumbai: Last day's gain in share prices following several measures announced by SEBI failed to maintain a 14-week rally as the benchmark Sensex dropped 4.70 per cent as profit-booking emerged at higher levels in view of capital outflow from foreign funds.
Anticipation of a strong push for economic reforms by the newly-elected United Progressive Alliance (UPA) Government, positive global cues and strong foreign funds inflows had triggered rally in recent weeks.
World stocks fell on Monday after finance ministers from the Group of Eight leading industrialised countries last Saturday, said they have begun discussing how to unwind the fiscal and monetary policy measures undertaken in response to the financial and economic crisis that spread last year.
Sectors such as Realty, Oil and Gas and Metal were the worst suffers due to heavy selling pressure.
The Bombay Stock Exchange 30-share barometer ended the week under review lower at 14,521.89, by 716.05 points or 4.70 per cent over its last weekend's close.
The National Stock Exchange's 50-share Nifty also dropped sharply to end the week at 4,313.60, showing a loss of 269.80 points or 5.89 per cent from its previous weekend's close.
The market driver Foreign Institutional Investors (FIIs) turned the net sellers of Rs 1,667.60 crore in the last four days of the week as per SEBI's announcement.
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